🤓 Blockchain for noobs - Part 2

Let's continue with a practical story about how we use contracts in everyday life:

💭 Imagine you are renting an apartment. Before moving in, you and the property owner sign a lease agreement, setting out the terms of the agreement, such as the rent amount, the length of the contract, and the responsibilities of both parties. This contract is a legal document that defines the obligations of both parties and serves as a binding agreement.

Now, let's apply this concept to blockchain:

💭 Imagine that, instead of relying on a paper contract, you and the apartment owner use a blockchain-based smart contract. In this smart contract, all terms of the agreement are encoded 🛡 in a programming language 💻 and stored on a blockchain 🔗. For example, the smart contract can automatically debit the rent amount from your bank account and transfer it 💱 to the owner's account on the due date, without the need for human intervention.

Additionally, the smart contract may include additional clauses such as penalties ⚠️ for late payment or automatic refund 🔄 of the security deposit at the end of the contract, based on pre-defined conditions.

By using a blockchain-based smart contract, you and the property owner eliminate the need for intermediaries ↔️, reduce costs and increase the transparency and security of the rental process.

This is just one of the many ways that smart contracts and blockchain technology can simplify and improve our daily interactions, bringing greater efficiency, transparency and security to a variety of transactions and agreements.

Here another step has been taken towards the development of our knowledge towards the world of cryptocurrencies. Come with me!!

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